Energy

Ifeanyi Ubah returns N2b out of N11b stolen petroleum products

Published

7 years ago

July 13, 2017

Olu Emmanuel

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By AMINAH ADEGOKE

The Petroleum Pricing and Marketing Company (PPMC) disclosed that the chairman of Capital Oil, Chief Ifeanyi Uba, who is under House of Representatives probe for alleged diversion of N11 billion worth of petroleum products belonging to the NNPC has paid back N2 billion out of the N11billion to the NNPC. .

Mr. Henry Nkem Obi, Chief Operating Officer of the PPMC, made this known yesterday. Nkem Obi revealed that before the diversion of the petroleum products by Chief Ubah, the NNPC had an agreement with Capital Oil that no party tampers with any petroleum products consignment in its custody without the knowledge of the other party.

ALSO SEE: DSS arrests Ifeanyi Uba over N11bn oil fraud

He stated further that upon the NNPC discovering that Capital Oil had diverted the petroleum products in its custody, the national oil company reached out to relevant and sister public agencies

“We’ve since engaged in the process of negotiations for the defaulting party to return the products to the NNPC. Capital Oil has paid N2 billion and negotiations to get the full payment are on-going,” the NNPC executive said.